HomeMy WebLinkAbout2609 oxnera and their respective aharea oP the diatribution.
10.6 Aaaociation as ent. The Association ia hereby
irrevocably appo n e e~~'or each apartment oMner and for
each oMner oP any other intereat in the Condominium property
to ad~uat all claima arising unier the insurance policies
pi:rchased by the Asaociation ar~d to execute and deliver re-
leases upon the payment o! a claim. _
10.7 Recreation Area. The terma oP the I~inety-Nine Yea~
Lease shall govern e stribution of proceeda of inaurance
on or attributable to auch area, provided, hoMev~er, that no
distribution of proaeeda shall be made t~ the Leaaor unlesa
it ahall have been determined pursuant to the terms and -
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provisiona of the said Ninety-Nine Year I.@aae not to raconstYUCt -
or repair dame~ge to the property demiaed thereunder. ;
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11. Reconstruction or repair after casuslty. ~
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11.1 Determination to reconstruct or repair. If any part of ~
the Condomin um proper y s a amage y casualty, r~hether or
not it shall be reconatructed or repaired shall be deternai.ned in
the Pollanir~g manner:
(a) Con~on element. If th~ dame~ged improvement
is a com~non e emen , e~a~ged propertq ahall ba recon-
structed or-repaired, unless it is determined in the
manner elseNhere provided that the Corxiominium shall be ~
terminated. ~
(b) (1) Lesser dama e. If the damaged }
improvemen s e apartment building and
- iP apartments to xhich fifty percent ~509~)
of the co~non elementa are appurtenant are -
Pound by the Board oP Directors of the
Association to be tenantable, the damaged
property shall be reaonatructed or repaired,
unless rrithin si~cty (60) daye aPter the ~
caaualty, it is determined by agreem~nt in ' ~
the manner elsexhere provided that the Can-
~ dominium shall be terminated. ;
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(2 ) Ma~or daara e. IP the damaged im- -
provement s e apar ment building, and if
apartment to xhich n:ore than fiPty (50~)
percent oP the co~on elements are appurtenant
are found by the Board oP Directors-~o be not
tenantable, then the damaged property xill
not be reconstructed=-or repaired, and the Con-
dominitim will be terminated xithout agreement
as elsewhere provided, unless xithin s~ctq
(60) days after the casualty, the ormers of ~
eighty percent (80~) of the common elements ~
agree in r~riting to such reconstruction or =
repsir. ~
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(c) Certlficate. The Insurance firuste e may rely upon
a certiPica e o e Aasociation made by its President and #
attested by its Secretary as to xhether or not the damaged
property ia to be reconatructed or rep~aired. _
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11.2 Plana ani s~ecificationa. Any reconatr~iction or '
repair muat e su s n a'ry ~n 'accordance ~iii: the
plana and
specifications Por the origir~al building, or, in lieu thereof,
according to plans and specifieationa approved by the Board oP =
Directora of the Assoeiation, and if the damdged property ia in ~
the apartment bui lding, by the o~nera of not less than eighty ~
percent (809~) of the com~non elementa, including the oMners of. . ;
all damaged apartments together r¢ith the apprc~val of the `'s
institutional mortgagees holding first u~ortgag~a upon all damaged ~
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i9~ 2606 '
LAW OFFICES OF GOLDSTEIN. F/tANKLIN. GNONIN Q SCH(iANK. P A. 2020 NORTMEA~.T t63wl: SIREET NORTH MIAMfI BEACH. FIORIDA 33162
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